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MoneyLion And TransUnion Partner To Offer Credit Monitoring Tools

[Saturday, September 17th, 2016]

Folks who want to keep an eye on their credit score have a new way to do it, for free. MoneyLion mobile app users can look at their credit reports, use a credit simulating tool to predict how their financial moves will impact their credit scores, and set up alerts to let them know when any crucial changes occur on their credit report. The tools are supported by TransUnion, one of the three major credit bureaus in the United States.

All users have to do to access these features is to set up a profile on the MoneyLion app, which is free. It takes less than three minutes to enroll and get going with the many financial tools on the app, including product reviews, personalized recommendations, advice, and customer support.

MoneyLion app rewards good financial habits

MoneyLion also offers a rewards program to help people make good financial choices. Users can earn rewards like gift cards and lower APRs when they do things like improving their credit score, making payments on time, maintaining a positive balance on their checking account, or showing low credit utilization.

The best ways for people to improve their credit score are to make all payments on time and maintain a low debt-to-available credit ratio. Other ways to have credit include keeping accounts open as long as possible, using a mix of types of credit – such as an auto loan, business loan, mortgage or personal loan in addition to a credit card – and not applying for too much new credit in too short a time.

Statistics show that MoneyLion app users who are enrolled in the credit-monitoring program are 28 percent less likely to default on their loans. “MoneyLion’s free credit monitoring tools powered by TransUnion are critical to our mission to help consumers take control of their financial lives,” said MoneyLion co-founder and CEO Diwakar Choubey.

Harnessing the power of analytics

Choubey said that the MoneyLion app harnesses the power of data analytics and technology to get deep insight into users’ financial habits. This lets the app make personalized recommendations and tailor offers to specific users. “As technology continues to change the way consumers go about their daily lives, we are meeting the need for convenient and holistic personal financial management tools to match this increasingly digital lifestyle,” said Choubey.

Many credit monitoring programs charge for the service; the MoneyLion on is completely free to users.

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